Omisego Catching the Bitcoin Corrective TsunamiThere is a bearish pennant chart pattern across all cryptos that began on Sept. 8, and has now broken out. What’s remarkable is that it’s occurring across all cryptos. This suggests to me that there is a move underway, which will affect all cryptos. Specifically, I’ve already written about the Bitcoin tsunami, where I am expecting a correction down to the $3000-$3500 range, and possibly deeper if the conditions are right.
Bitcoin dictates the broad bearish or bullish trend of the entire crypto market. Within that broad structure, all other cryptos can have their own unique bearish or bullish trends or counter-trends. But they are comparatively much smaller movements within the broader picture. When there are large movements in Bitcoin, it brings everything with it.
Add to this the bearish pennant across all cryptos, the steep loss of momentum and volume, and we have a recipe for a deep market-wide correction. The targets I’m providing are for the various Fibonacci retracement and extension levels of corrective ABC Elliott Wave for Omisego, or Wave ((ii)). The deeper the Bticoin correction, the deeper these levels get activated.
Target I: Wave C ≈ Fib. 1.0 x Wave A ($9.09)
Target II: Wave ((ii)) ≈ Fib. 0.764 x Wave ((i)) ($8.55)
Target III: Wave ((ii)) ≈ Fib. 0.854 x Wave ((i)) ($8.30)
Target IV: Wave C ≈ Fib. 1.236 x Wave A ($8.28)
Target V: Wave C ≈ Fib. 1.618 x Wave A ($7.03)
Target Range: $7.03-$9.09
